CALGARY, ALBERTA, December 21, 2017 – Critical Control Energy Services Corp. (“Critical Control” or the “Corporation”) (TSX:CCZ) is pleased to announce that it has executed an amendment to its lending agreement with its bank adding a new $2 million term loan (the “New Term Loan”). The New Term Loan will be drawn by the Corporation as necessary to fund equipment required under contracts with customers where the subscription of the Corporation’s software is bundled with the provision of oil and gas measurement and communication equipment.
The New Term Loan is expected to be fully drawn during 2018 based and dependent upon demand for the Corporation’s software offerings. Repayment requirements of the New Term Loan stipulate that the first 6 months after the initial draw shall be interest only and the principal thereafter shall be amortized over a 36 month period. Pricing of the New Term Loan is in line with the Corporation’s current facilities with its bank. Repayment of 75% of the outstanding amount of the New Term Loan is guaranteed by Export Development Canada (“EDC”).
About Critical Control
Critical Control provides solutions for the collection, control and analysis of measurement and operational data related to oil and gas wells across North America. We provide services to capture the data, cloud-based software to visualize and manage it and the business intelligence to make quicker and more informed operational decisions.
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President & CEO
Tel (403) 705-7500